Cost of New Residential House includes Cost of Land Purchased u/s 54: ITAT [Read Order]

Cost - residential house - cost of land - ITAT - taxscan

The visakhapatnam bench of the Income Tax Appellate Tribunal (ITAT), held that the cost of new residential house includes cost of land purchased under section 54 of the Income Tax Act,1961. The assessee,Dattatreya Varma Penmatsa is a civil contractor who filed his return of income declaring a total income of Rs. 62,08,350/-.  The AO concluded…

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